Atom, the Socimi of Bankinter and GMA, has acquired for 50 million euros two of the most emblematic 5-star luxury hotels in Barcelona, ??La Florida and the Miramar, located in Tibidabo and Montjuïc respectively.
The purchase will also entail a change in the management of the hotels. On the one hand, Sunset Hospitality Group will manage the Gran Hotel La Florida, after starting its activity in Spain, operating high-end hotels and restaurants in Marbella and Ibiza. On the other hand, the Miramar Hotel will be operated by Hyatt, a global luxury leader, with a presence on all continents and more than 1,300 high-end hotels.
The Socimi had already shown interest in these two assets in 2020, although it did not reach a purchase and sale agreement with the owner, the investor of Lebanese origin Joseph Boutros El Khoury. Despite this, El Khoury initiated legal proceedings against Atom for, in his opinion, breach of contract. At the same time, he had put the two establishments up for sale for 60 million euros. Sources of the operation explain that the acquisition by Atom is “totally unrelated” to the judicial process initiated by the previous ownership and that it is due to market opportunities. Both hotels had a large debt, which is settled with the amount of the operation. “The investment cleans up the accounts” of the establishments, add the same sources.
The purchase of the Gran Hotel La Florida has been carried out with its own resources and through financing in the amount of 13.2 million euros signed simultaneously with the acquisition of the asset, for a period of 15 years and an interest rate of 1.87% Euribor (6 months), with a mortgage guarantee, as reported by Atom in the BME Growth. For its part, the acquisition of Hotel Miramar Barcelona has been formalized with its own resources and other resources available in the short term.
Simultaneously with the acquisition, the lease contract for the La Florida hotel, which Sunset will manage, has come into effect and will have a duration of five years, extendable for four periods of five years each (total 25 years). optional for the tenant. It will be executed through a variable income, in accordance with those that Atom Hotels has in its portfolio, including a guaranteed minimum income.
The information sent by Atom indicates that from the seventh year of duration the rent can never be below 70% of the hotel’s gross income. The Company is also negotiating the operating contract for the Hotel Miramar Barcelona, ??which will be managed by Hyatt.
Atom thus adds two of the only ten 5-star Grand Luxury hotels in Barcelona to its portfolio and the city incorporates two new international hotel brands. They are also two of the most unique establishments in the Catalan capital. The Miramar Hotel was initially built as a restaurant for the 1929 Universal Exhibition, and between 1959 and 1983 the building was home to the RTVE studios in Catalonia, which were later moved to Sant Cugat. It has gardens by Forestier and was the work of Ramon Raventós. In 2007 it was renovated by Óscar Tusquets’ studio to turn it into a luxury hotel.
For its part, the La Florida hotel was built in 1924 and writers and artists such as Ernest Hemingway, James Stewart and Rock Hudson have stayed there. At the end of 2023, it was the establishment chosen by Bruce Springsteen and Barack Obama to stay during the musician’s concerts in the city. “Singular assets such as Miramar and La Florida allow us to meet our investment objectives and rigorous returns, through predictable and recurring dividends,” stressed Víctor Martí, manager and founder, together with Bankinter Investment, of the Socimi. Atom also owns the Illunion Les Corts hotel, which it purchased in 2022. In total, its portfolio consists of 28 establishments, totaling 6,713 rooms and with an asset value of more than 950 million euros.
